The Deputies Committee of the Financial Stability Oversight Council ("FSOC") held a series of meetings on November 12, 2014 regarding FSOC's non-bank financial company designations process. The meetings followed FSOC's directive to staff at its October 6 public meeting, and are part of its ongoing effort to seek input from relevant stakeholders regarding potential changes to the process. Discussions focused on pr oposals presented to FSOC's staff in three broad categories: "engagement with companies under review during Stages 2 and 3 of the process; "the annual reevaluations of previously

The Board of Governors of the Federal Reserve System ("FRB") announced the annual indexing of the reserve requirement exemption amount and the low reserve tranche used to determine the reserve requirements of depository institutions. The low reserve tranche adjustment and the reserve requirement exemption amount adjustment are based on growth in net transaction accounts and total reservable liabilities, respectively, at all depository institutions between June 30, 2013 and June 30, 2014. The new low reserve tranche and reserve requirement exemption amount will apply to the 14-day reserve

The CFTC Division of Market Oversight ("DMO") extended the conditional time-limited relief provided in CFTC No-Action Letter No. 13-76 to the foreign-based trading platform, Yieldbroker Pty Limited ("Yieldbroker"). The extension of no-action relief states that the DMO will not recommend enforcement action by the CFTC against Yieldbroker for failure to register as a swap execution facility under CEA Section 5h(a)(1) ("Swap Execution Facilities") or CFTC Rule 37.3(a)(1) ("Requirements and Procedures for Registration"), or against any market participant who uses or has other relationships with

The CFTC announced the filing and simultaneous settlement of charges against Rosenthal Collins Group, LLC ("RCG"), a registered futures commission merchant ("FCM"), for failing to supervise an Associated Person diligently and for failing to provide and maintain an adequate program of supervision in violation of CFTC Rule 166.3. The CFTC's order found that, from March 2008 to July 2013, RCG failed to supervise diligently an employee registered as an Associated Person at one of its branch offices by allowing him to conduct business on its behalf while working entirely from the office of another

The CFTC Division of Swap Dealer and Intermediary Oversight issued a no-action letter providing relief to futures commission merchants ("FCMs") regarding the holding of customer funds deposited to margin foreign futures and foreign options transactions under CFTC Rule 30.7 ("Treatment of Foreign Futures or Foreign Options Secured Amount"). Specifically, the CFTC staff stated that it will not seek enforcement action against an FCM for excluding customer funds deposited with foreign banks or trust companies in calculating the 120 percent of total margin requirements that may be held by the FCM